RWE CEO Markus Krebber briefed Prime Minister Anthony Albanese on the company’s plans to add 3 gigawatts of renewable energy and storage in Australia by 2030.
If realised, this will equate to 3 gigawatts of capacity by the end of the decade.Germany’s biggest energy utility, RWE, has pledged to invest about $6 billion in a major expansion of its Australian renewable power business by 2030, undeterred by the hurdles in the way of the build-out of wind and solar energy across the country.
RWE’s pledge comes amid mounting hurdles to the growth of wind and solar power that are creating doubts around whether Australia can meet its target for 82 per cent renewable energy use by 2030, a major plank of the nation’s emissions reduction strategy. “We have a high confidence that we can deliver, whether it slips a year or not, that remains to be seen,” Mr Krebber toldfrom Brisbane, after signing a deal with Queensland government-owned Stanwell Corporation for the first major projects to kickstart the expansion.
The deal with Stanwell, signed in Brisbane on Tuesday morning, involves a partnership to help deliver nine to 10 gigawatts of renewables projects by 2035. Energy minister Mick de Brenni said the deal showed the state’s energy companies could remain in public ownership and still secure significant investment from global companies.
RWE’s existing Australian links involve commodity trading, such as two major LNG purchase deals with Woodside Energy’s trading arm. Those includeBut the renewables expansion will involve a significant move beyond that, including into Victoria as well as Queensland, and will see RWE grow in solar, storage and wind power. It is also amongoff the Gippsland coast, and will look at potential green hydrogen investments down the track.
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